Eric Benaim

Founder @modernspaces $10B+ · Co-founder @klipsterlive · Obsessed with markets nobody else is looking at

[Eric Benaim @EricBenaim]

Appreciate the repost, @BillAckman . 25 years operating in NYC real estate, happy to keep digging into the mechanics with anyone who wants the real numbers instead of the talking points.

[Eric Benaim @EricBenaim]

This is how you destroy a city, @BillAckman

It's not just a freeze , it's a full pipeline.

HSTPA already gutted landlords' ability to recoup maintenance costs. Mamdani's RGB just froze rent on 1M units for 2 years. LIHTC's "next available unit" rule lets a tenant drift from 60% to 150%+ AMI and still keep the subsidized rent for life , the landlord never gets that unit back, they just lose a second one. COPA hands nonprofits first bid on distressed buildings, with the right to match any private offer that shows up later.

Meanwhile market-rate tenants already eat the cost of the baseline system: MIH forces new development to set aside 25-30% of units as affordable, and 421-a bakes in prevailing wage requirements , both explicitly cross-subsidized by market-rate rent. Add today's freeze/COPA stack on top of that baseline and it compounds fast.

It's not technically a seizure. It just removes every other option until selling to a nonprofit is the only one left. Curious if you'd already mapped the LIHTC piece.

[Eric Benaim @EricBenaim]

@stoolpresidente This headline makes me want to buy it now 🤣🤣🤣

[Eric Benaim @EricBenaim]

@NassauExec I’d like to see you win, but I’m sorry to say no one knows who you are! I’m from Queens never seen you around here, you occasionally post an attack on Hochul which I agree with in every case, there is no excitement about you like there was with @LeeMZeldin or @EliseStefanik if you want to win or at least make people believe you have a shot, you need to turn things up , make some noise, hire some young social media person to make your social more exciting use the same playbook that Mamdani , Trump and others who are appealing to young demo are doing by creating fun videos where people learn who you are and your policies

[Eric Benaim @EricBenaim]

@BillAckman NYC should look at Argentina instead.

Milei repealed rent control in Dec 2023. Result: rental supply in Buenos Aires jumped ~170-195%, and inflation-adjusted rents fell ~40%. Landlords who'd been sitting on empty units (1 in 7 homes vacant under the old law) flooded back into the market the moment price controls lifted.

Oversupply did what regulation never could it crashed rents. NYC is running the exact opposite experiment and calling it affordability policy.

[Eric Benaim @EricBenaim]

This is how you destroy a city, @BillAckman

It's not just a freeze , it's a full pipeline.

HSTPA already gutted landlords' ability to recoup maintenance costs. Mamdani's RGB just froze rent on 1M units for 2 years. LIHTC's "next available unit" rule lets a tenant drift from 60% to 150%+ AMI and still keep the subsidized rent for life , the landlord never gets that unit back, they just lose a second one. COPA hands nonprofits first bid on distressed buildings, with the right to match any private offer that shows up later.

Meanwhile market-rate tenants already eat the cost of the baseline system: MIH forces new development to set aside 25-30% of units as affordable, and 421-a bakes in prevailing wage requirements , both explicitly cross-subsidized by market-rate rent. Add today's freeze/COPA stack on top of that baseline and it compounds fast.

It's not technically a seizure. It just removes every other option until selling to a nonprofit is the only one left. Curious if you'd already mapped the LIHTC piece.

[Eric Benaim @EricBenaim]

As a high school dropout who started businesses at 12, I’ve told my two kids they don’t have to go to college unless the career they want requires it.
If they want to be entrepreneurs, I’d rather give them seed money than tuition.
Even if their first business fails, the experience of building, selling, hiring, failing, and trying again may teach them more about entrepreneurship than four years in a classroom ever could

[Eric Benaim @EricBenaim]

The absolute best thing on social media in years is watching all the Europeans & foreigners in America 4 the World Cup
& discovering how great our country is, from A/C to free refills, RANCH, our hospitality to the abundance of everything, the world is finally realising what we all already know, nothing beats the USA

[Fun Viral Vids @Fun_Viral_Vids2]

I swear I love seeing europeans experience America for the first time…🤣🤣🤣

[Eric Benaim @EricBenaim]

@MrBeast 7,212,500 #promotion

[Eric Benaim @EricBenaim]

40-45% of Uber/Lyft in the next 5 years and over 50% for food delivery and Amazon. Took my first Waymo the other day , experience was great, would do it again. I’m from NYC but in Miami 5 times a year and each trip I see more autonomous vehicles. This visit I spotted a Zoox robotaxi for the first time. Food delivery robots have completely taken over Miami the last couple of years, they’re everywhere. Where you’ll see the least progress? NYC, Chicago, Seattle anywhere unions have real political control. The rest of the country will move forward while these cities get left behind unfortunately.

[Eric Benaim @EricBenaim]

@marcuslemonis @BottomLineFBN @dagenmcdowell My father did the same thing 20 years ago fought with his neighborhood over the flag, I always grew up with an American flag outside our house.

[Eric Benaim @EricBenaim]

@Codie_Sanchez Always position yourself from a position of strength rather than weakness. The moment you need to justify your price, you’re showing your hand and a good negotiator can always see a tell. I’ve negotiated over $10B in deals. This has always worked for me

[Eric Benaim @EricBenaim]

@Codie_Sanchez As a 48 year old sometimes I feel like I am to old, but most of the time I feel like I’m just getting started, one thing is for sure I think I have way more ambition now then I ever had.

[Eric Benaim @EricBenaim]

@elonmusk politicians should never be able to delete their tweets. Darializa Avila Chevalier just won a congressional primary in NY after deleting thousands of posts calling to abolish police, prisons and borders. The Wayback Machine caught them , but voters almost didn’t know. X should make public figures’ posts permanently unarchivable. If you choose public office, your public record is public. Forever

[Eric Benaim @EricBenaim]

@elonmusk politicians should never be able to delete their tweets. Darializa Avila Chevalier just won a congressional primary in NY after deleting thousands of posts calling to abolish police, prisons and borders. The Wayback Machine caught them , but voters almost didn’t know. X should make public figures’ posts permanently unarchivable. If you choose public office, your public record is public. Forever
@grok can you send a request to @X

[Eric Benaim @EricBenaim]

Florida is also roughly the same square miles as NY and about to eliminate property taxes on primary homes. I’m a New Yorker with real estate investments and businesses in both NYC and Miami Florida isn’t even close in terms of business friendliness. My 9 year old said it best: when I took him to CVS in Miami he asked me why the toothpaste wasn’t locked up in a cage like it is back home. That became my segue to teaching him how states are managed

[Eric Benaim @EricBenaim]

@Codie_Sanchez Note to self, do not get a tattoo of a tarantula on my forearm 🤣🤣🤣

[Eric Benaim @EricBenaim]

@DavidSacks @JPdtx And Miami

[Eric Benaim @EricBenaim]

Yes I owned a 30 unit rent stabilized building in Queens, 3 years ago it was valued at $6.5m I had two vacant units I kept empty on purpose as to fix them up and rent them didn’t make financial sense, I recently sold it for $4.3m losing $2m in equity, a month later a similar building 800 feet away sold for $2.4m meanwhile water is going up 8.5% insurance is up and now a rent freeze! I’m happy I sold the building and got out when I could.

[Eric Benaim @EricBenaim]

@marcuslemonis You’ve built the infrastructure around homeownership. The next layer is discovery. People don’t buy the first house they see, they buy the first one they emotionally connect with. That’s where @klipsterlive fits.

[Eric Benaim @EricBenaim]

@Jason Secretary of treasury would probably be Elizabeth Warren, Mamdani will probably be head of homeland security